Jupiter to launch JupUSD native stablecoin on Solana in Q4 2025

Jupiter, the Solana-based decentralized exchange aggregator, said on Wednesday it will launch a native stablecoin, JupUSD, on the Solana blockchain in the fourth quarter of 2025. The coin, developed in partnership with Ethena Labs, will be tightly integrated across Jupiter's trading, lending and perpetuals platforms and will be seeded by the gradual conversion of roughly $750 million in USDC from Jupiter's liquidity pool into JupUSD.

According to the teams, JupUSD will initially be fully collateralized by Ethena's USDtb, a tokenized real-world asset stablecoin issued with custody services from Anchorage Digital and backed by tokenized treasury holdings tied to BlackRock's USD Institutional Digital Liquidity Fund, BUIDL. Jupiter and Ethena said Solana-native mint and redeem smart contracts are under development and will undergo multiple security audits before deployment, enabling users to mint and redeem JupUSD directly on Solana.

JupUSD is being built on Ethena's white-label Stablecoin-as-a-Service infrastructure, which the firm has used to deploy other chain-specific stablecoins. Ethena has also developed USDe, a synthetic-dollar product that uses delta-neutral strategies and...